In the higher timeframe, the higher level wave ((1)) is probably finished. There is also an alternative scenario where we can make one more high to finish wave ((1)). This wave ((1)) should be followed by a wave ((2)) to the downside which is an interesting buying opportunity for investors.
We dropped 22%, should expect a higher short squeez than 28.1 or break the support and go lower but does it have what it takes to go lower ?
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If the wave (4) down plays out like a double correction, it looks like we are ready now for another leg down. Wave (X) might be finished which means we can go down now as wave (Y).
The primary scenario (in green) is playing out and it looks like we soon might finish wave (X). The secondary scenario (in red) assumes more upside as a corrective wave B. That would mean we get an ABC flat correction instead of a WXY.
We are pulling back into a VERY powerful Supply Zone. CCI is below -100 and we have a RBD that broke previous structure. Get in on this trade and make bank!
Multiple time frame top down analysis for USDJPY.
Price action,
Key levels.
Potential scenarios.
Trading plan.
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If the wave (4) down plays out like a double correction, it looks like we are ready now for another leg down. Wave (X) might be finished which means we can go down now as wave (Y).
The primary scenario (in green) is playing out and it looks like we soon might finish wave (X). The secondary scenario (in red) assumes more upside as a corrective wave B. That would mean we get an ABC flat correction instead of a WXY.
If the wave (4) down plays out like a double correction, it looks like we are ready now for another leg down. Wave (X) might be finished which means we can go down now as wave (Y).
The primary scenario (in green) is playing out and it looks like we soon might finish wave (X). The secondary scenario (in red) assumes more upside as a corrective wave B. That would mean we get an ABC flat correction instead of a WXY.
